I can’t believe I’m saying this, but the government is finally doing something right. Recently, it’s reported that the state of Idaho would support a bill so its citizens pay their state tax in silver medallions.

I believe that other states should pass similar legislation until the US Dollar becomes backed by gold or silver.
For 138 years the US dollar was backed by gold and silver from 1833-1971.

It was taken off the Gold Standard by former US president Richard Nixon on August 15, 1971.

That marked the end of the Bretton Wood agreement of 1945 which stated the gold-backed US dollar would have fixed exchange rates with other currencies.

It’s like having a stable relationship with someone, no fooling around.

But the US fell into such a deep debt that their gold reserves were less than paper money.

When it was on the Gold Standard, the dollar was as good as gold. A person could redeem their dollar for one ounce of gold and or silver as it stated “Redeemable in Gold” at the bottom.

When Nixon took the dollar off the Gold standard, the dollar became a currency instead of money.

That’s a big difference.

Silver and gold have intrinsic value: they are accepted everywhere around the world as a safe store of wealth, it’s metal used in manufacturing especially silver in cell phones as well as other electronic supplies.

Silver and gold will always maintain desired value.

The U.S. dollar right now is a currency backed up by the faith and credit of the US government.

That means the government should print money in moderation so the value of the currency doesn’t go down.

You might as well say that pigs sprout wings and fly.

Holding a currency is like a ticking time bomb, the value will eventually blow up in your face.

The constitution states that only gold and silver should be used for business transactions as demanded by the founding fathers.

Gold puts discipline on government spending. It’s like having your mom telling you not stay up late at night.

They are talking from personal experience as the US went through hyperinflation (1775–1783): money became worthless.

So people who had their savings in the Continental got wiped out.

All of you who have savings in paper currency, watch out.

Right now the government prints money at will. It’s like keeping the lid of a candy jar open in front of a kid.

America wouldn’t have the trade deficit with China because when countries import stuff, they have to pay with gold. That signals that the country has to balance its trade.

It’s like having something taken away from you that’s precious, you would do anything to get it back.

So the other states better be wise and adopt similar legislation like Idaho proposed.

America, get ready for a new gold and silver standard.

The government has done something right. Yes I can’t believe I’m saying it. Recently, it’s reported that the state of Idaho would allow its citizens to pay their state tax in Silver coins.

I believe that other states should pass similar legislation until the US Dollar becomes backed by Gold or Silver

For 138 years the US dollar was backed by Gold and Silver from 1833-1971.

It was taken off the Gold Standard by former US president Richard Nixon.

The reason was because the US had so much debt that their Gold reserves was less in ratio to paper money.

When it was on the Gold Standard, the dollar was good as Gold. A person could redeem their dollar for one ounce of Gold and or Silver.  It said  a “Redeemable in Gold”at the bottom.

When the Nixon took the Dollar of the Gold standard, the Dollar became a currency instead of money.
That’s a big difference.

Silver and Gold have intrinsic value. They are accepted everywhere around the world because as safe store of wealth, it’s metal used in manufacturing especially Silver in Cell phones,  and other electronic supplies.

The US  Dollar right now is a fiat currency. It has no intrinsic value. it’s backed up by the faith and credit of the US government.
Yeah, keep dreaming in their credibility.

Right now, it’s legal tender, meaning it has no value other than the fact that the US government says you should use it.
Screw them.

The constitution states that only gold and silver are legal tender as demanded by the founding fathers. Article and section of the constitution states “No Government coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts;

The reason is because when the money is backed by nothing tangible the government creates too much money and destroys the currency.

They are talking form personal experience as the US went tough a hyperinflation1(775–1783): money became worthless. Hence the phrase “Not Worth a Continental”

The Silver and Gold Standard puts  discipline on government spending because they have to keep the balance of paper money to the Gold equal. Right now the government just prints money at will. It’s like keeping the lid open of a candy jar in front of a kid.

They haven’t learned from history what’s the end game.

Also, America wouldn’t have the trade deficit with China because when countries import stuff, they have to pay with gold.  When Gold and Sliver get out of the country, that signals that the country has to balance its trade balance.

Furthermore, fiat currency creates asset bubbles like the one we saw with the Real Estate and Stock Market. The government increases the supply of currency and loans it to people  with lax standard, thus creating mal investments resulting in an recession.

This could be the start of restoring sound, honest money back in the US.

So the other states better be wise and adopt similar legislation.